logo
IREDA reaffirms its commitment to India's Clean Energy Mission

IREDA reaffirms its commitment to India's Clean Energy Mission

Mumbai, July 21 (UNI) Indian Renewable Energy Development Agency Ltd (IREDA), India's leading Non-Banking Financial Company (NBFC) under the Ministry of New & Renewable Energy (MNRE), reaffirms its commitment towards India's clean energy mission with strong financial performance and robust growth strategy, according to a statement issued here today.
IREDA reported a 49 percent year-on-year growth in operating profit and a 30 percent rise in total income from operations in first quarter (Q1) of FY 2025–26.
The strong performance underscored the strength of its core business. IREDA's outstanding loan book surged to Rs 79,941 crore, a 26 percent increase over the previous year, with significant contributions from solar, wind, and emerging technologies like green hydrogen, smart meters, and EVs.
The company maintained its impeccable AAA (Stable) domestic credit ratings and successfully raised Rs ₹5,903 crore during the quarter, including a JPY 26 billion ECB from SBI Tokyo, ensuring access to cost-effective capital.
Further, while net worth rose by 36 percent, to Rs ₹12,402 crore reflecting continued investor confidence and leadership in the renewable energy financing space.
Commenting on the continued growth metrics, Pradip Kumar Das, Chairman & Managing Director, said: 'Operational excellence and responsible financing remain at the heart of our business strategy. We are committed to creating long-term stakeholder value through strong corporate governance, financial discipline, and robust support to India's renewable energy goals.'
In a major policy boost, the Central Board of Direct Taxes (CBDT) under the Ministry of Finance has notified IREDA bonds as 'long-term specified assets' under Section 54EC of the Income-tax Act, 1961, effective July nine. This enables investors to claim capital gains tax exemption while supporting India's green transition. The move is also expected to reduce IREDA's cost of capital and encourage wider investor participation.
Over the past financial year, IREDA has steadily reduced its NPAs over time by strengthening credit appraisal systems and recovery mechanisms and as a part of its forward strategy, the organisation continues to diversify its lending portfolio and align with national and global sustainability goals.
IREDA also achieved recognition for governance and financial excellence, including the 'CMA Icon 2025' award to the CMD and a top five national ranking for wealth creation between November 2023-–24 by a leading business daily.
India's recent milestone of achieving 50 percent non-fossil fuel-based power capacity, five years ahead of its 2030 target underscores the growing opportunities in the renewable energy sector. IREDA has been instrumental in this progress and continues to reaffirm its leadership in driving the country's clean energy transition towards the 500 GW target.
UNI AAA SS
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Fake embassy case: Investigation unearths shocking details related to Hawala money, shell company, and a name
Fake embassy case: Investigation unearths shocking details related to Hawala money, shell company, and a name

India.com

time21 minutes ago

  • India.com

Fake embassy case: Investigation unearths shocking details related to Hawala money, shell company, and a name

New Delhi: The arrest of Harshvardhan Jain on charges of running a fake embassy from a two-storey bungalow in Ghaziabad's Kavinagar has exposed the layers of international fraud and hawala racket. The most surprising name that has emerged in the UP STF investigation is that of Ehsan Ali Syed, who is a native of Hyderabad and has now taken Turkish citizenship. Who is Ehsan Ali? Ehsan has lived in London for a long time and has been involved in many fraudulent activities. Ehsan Ali is the same person who has been considered very close to the controversial religious leader Chandraswami. On his advice, Harshvardhan Jain set up dozens of shell companies abroad. What does the investigation say? The investigation has revealed that these companies were used for hawala transactions, money laundering and large-scale economic fraud. Names of some of these fake companies are: State Trading Corporation Ltd (UK) East India Company UK Ltd (UK) Island General Trading Co LLC (Dubai) Indira Overseas Ltd (Mauritius) Cameron Ispat Sarl (Cameroon, Africa) Where were Ehsan Ali Saeed's businesses based? Ehsan Ali Saeed's company Western Advisory Group was based in Switzerland and Bahrain. This company arranged loans of about 70 million pounds (about Rs 735 crore) in the name of getting loans to Swiss companies between 2008 and 2011 and charged brokerage of 25 million pounds (about Rs 262 crore) in return. After getting the money, Saeed absconded. On the request of the Swiss government, London police arrested him in November 2022. After this, in July 2023, the Westminster Court approved his extradition. Finally, the Zurich Court of Switzerland sentenced Saeed to 6 years and 6 months in prison for fraud and absconding with the money. What was Harshvardhan's role? Interrogation of Harshvardhan Jain has revealed that he also has a connection with Ehsan Ali. Harshvardhan's involvement with Ehsan Ali is being investigated. Jain has several bank accounts opened in his name in India and abroad, which are being investigated. A case has been registered against Harshvardhan in Kavinagar police station under sections 318(4), 336(3), 338, 340. The STF is preparing to take his remand. This entire case goes to the depths of hawala network, shell companies and international racket of fraud, in which connections have been found from India to UK, Turkey, Switzerland, Mauritius and Africa.

As Delhi's Water Bills Dues Cross Rs 1.4 Lakh Crore, Who Owes What?
As Delhi's Water Bills Dues Cross Rs 1.4 Lakh Crore, Who Owes What?

NDTV

time27 minutes ago

  • NDTV

As Delhi's Water Bills Dues Cross Rs 1.4 Lakh Crore, Who Owes What?

New Delhi: Over Rs 1.4 lakh crore in pending water bills has accumulated at the Delhi Jal Board (DJB), officials have said. Of this, the domestic consumers owe the board Rs 15,000 crore, while a bigger chunk of the dues, Rs 66,000 crore, is owed by commercial users, with an additional Rs 63,000 crore due from various government departments - both Delhi and the Centre. Among the list of defaulters, the Municipal Corporation of Delhi (MCD) tops the list, owing Rs 26,147 crore. Within central government bodies, Indian Railways is the biggest defaulter with dues of Rs 21,530.5 crore, followed closely by the Delhi Police, which has not cleared bills amounting to Rs 6,097 crore. In total, Delhi government departments collectively owe for Rs 33,295.79 crore in unpaid water bills, while central government agencies contribute with another Rs 29,723.37 crore in pending dues. "This isn't just a delay, it's crippling our ability to maintain and upgrade basic infrastructure," a senior official told NDTV, adding, "Despite repeated reminders, the recoveries have been minimal." Some departments have relatively managed to stay current on their water bills The Delhi Metro Rail Corporation (DMRC) has comparatively lesser dues of Rs 1.4 crore, while the Delhi Transport Corporation (DTC) owes Rs 1.1 crore. However, the problem goes well beyond government offices. According to DJB data, commercial users collectively owe Rs 66,000 crore in dues, while domestic consumers are behind by Rs 15,000 crore. Water Minister Pravesh Verma said the government is gearing up for a major recovery push. "Notices will soon be issued to all the defaulter departments, both at the state and central level, to clear their dues," Mr Verma said. "The recovery plan will include high-level meetings with department heads, especially those with large pending bills, to discuss repayment timelines or instalment options," the water minister added. Officials say that unless the dues are cleared, especially from top government defaulters, planned upgrades, maintenance work, and expansion of essential infrastructure could come to a halt.

CM seeks Centre's nod, funding for major infra projects in state
CM seeks Centre's nod, funding for major infra projects in state

Time of India

time35 minutes ago

  • Time of India

CM seeks Centre's nod, funding for major infra projects in state

Mumbai: CM Devendra Fadnavis sought permission from the Union finance ministry to secure loans from the World Bank and other financial institutions for various projects in the state. At a meeting with Union finance minister Nirmala Sitharaman , Fadnavis sought permission for a loan of Rs 8,651 crore from the Asian Development Bank (ADB) for building concrete roads in villages with a minimum population of 1,000 persons. Assistance of Rs 4,326 crore was sought for tackling the rising sea level in the state, and the third project is to process sewage and use the treated wastewater for industries, for which another Rs 4,326 crore is required. The CM also submitted a proposal to the Union Ministry of Rural Development to build 14,000 km of roads in Maharashtra. Fadnavis also met with Union home minister Amit Shah at Parliament House for 25 minutes. He later met Union ministers Rajnath Singh, Manohar Lal Khattar, and Haryana CM Naib Singh Saini. tnn You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store